China Will Tame Its Growing Debt Load in 3 Years, Top Xi Adviser Says<br />On Wednesday, Mr. Liu also repeated pledges made by other Chinese officials about the country’s<br />opening its markets to foreign competition in everything from financial services to cars.<br />Mr. Liu also said that China planned to gradually reduce its tariffs on imported cars.<br />Speaking to attendees at the World Economic Forum, the adviser, Liu He, said<br />that the Chinese government planned to bring its debt under control within three years.<br />Mr. Liu said Beijing intended to focus on reining in the growth of debt among local governments and companies.<br />But his speech was the latest sign that the Chinese government would de-emphasize debt-fueled growth in the coming years<br />and would instead sharpen its focus on solving thorny economic and social problems, including a surge in borrowing.<br />Beijing is reconsidering that policy as Chinese automakers gear up to become big exporters to the United States and other foreign markets<br />that currently have low tariffs but might revisit those policies as car shipments from China rise.
